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BTCUSD - 1H Wolfe Wave 23/10/21

491
Potential Wolfe wave in play here. Target is yellow box by the time of the orange line.

Technicals:
  • Pattern formation matches schematic.
  • Bullish divergence on RSI, indicating the bearish move may be slowing down.
  • BBWP at lows.
  • Significant engulfing on decent volume, especially for the weekend. Yellow capitulation signal indicates it may have been a bear trap below the uptrending channel.


snapshot

Volume signature on a lower TF:
snapshot

This is not financial advise, and always DYOR.
Note
Noticeable rejection on 63.5k resistance. Continue with caution.

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